As interest rates are rising, so are credit card rates.
According to Magnify Money, which analyzed data from the Federal Deposit Insurance Corporation, Americans paid about $104 billion in interest and fees over the past year, which is up 11% from the year prior. It is also up 35% from 2013, when consumers paid $74.6 billion.
Magnify Money expects the amount Americans pay in interest and credit card fees will rise by 10% in the year ending March 31, 2019, totaling more than $110 billion. The group also said credit card rates are the most sensitive to interest rate increases, rising twice as fast as mortgage rates.
Meanwhile, household debt levels rose by $63 billion in the first quarter of this year, to $13.21 trillion, according to data from the Federal Reserve Bank of New York. Credit card debt specifically totaled $815 billion, up $51 billion over the year prior.
The Federal Reserve has raised interest rates seven times since the end of 2015 and plans to do so two more times before January, by a quarter percentage point each time. Gradual increases are expected to continue through 2019.